Definitive Analysis
| Stable Growth | $59.21 - $121.00 | $82.94 |
| Multi-Stage | $76.20 - $83.47 | $79.77 |
| Blended Fair Value | $81.36 | |
| Current Price | $19.85 | |
| Upside | 309.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.30% | 15.30% | 2.40 | 2.61 | 2.24 | 2.34 | 1.99 | 1.95 | 1.94 | 1.88 | 1.44 | 0.48 |
| YoY Growth | - | - | -8.09% | 16.61% | -4.07% | 17.35% | 2.33% | 0.55% | 3.08% | 30.29% | 199.79% | -16.96% |
| Dividend Yield | - | - | 11.12% | 16.51% | 13.27% | 11.30% | 8.27% | 12.23% | 10.38% | 11.25% | 8.89% | 3.09% |
| Net Income To Common (M) | 77,282.00 |
| (-) Cash Dividends Paid (M) | 47,938.00 |
| (=) Cash Retained (M) | 29,344.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15,456.40 | 9,660.25 | 5,796.15 |
| Cash Retained (M) | 29,344.00 | 29,344.00 | 29,344.00 |
| (-) Cash Required (M) | -15,456.40 | -9,660.25 | -5,796.15 |
| (=) Excess Retained (M) | 13,887.60 | 19,683.75 | 23,547.85 |
| (/) Shares Outstanding (M) | 22,597.80 | 22,597.80 | 22,597.80 |
| (=) Excess Retained per Share | 0.61 | 0.87 | 1.04 |
| LTM Dividend per Share | 2.12 | 2.12 | 2.12 |
| (+) Excess Retained per Share | 0.61 | 0.87 | 1.04 |
| (=) Adjusted Dividend | 2.74 | 2.99 | 3.16 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.30% | 3.30% | 4.30% |
| Fair Value | $59.21 | $82.94 | $121.00 |
| Upside / Downside | 198.30% | 317.86% | 509.57% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 77,282.00 | 79,835.79 | 82,473.97 | 85,199.33 | 88,014.74 | 90,923.20 | 93,650.89 |
| Payout Ratio | 62.03% | 67.62% | 73.22% | 78.81% | 84.41% | 90.00% | 92.50% |
| Projected Dividends (M) | 47,938.00 | 53,988.13 | 60,385.77 | 67,147.28 | 74,289.72 | 81,830.88 | 86,627.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.30% | 3.30% | 4.30% |
| Year 1 PV (M) | 49,953.10 | 50,441.38 | 50,929.66 |
| Year 2 PV (M) | 51,696.71 | 52,712.29 | 53,737.75 |
| Year 3 PV (M) | 53,188.87 | 54,763.89 | 56,369.70 |
| Year 4 PV (M) | 54,448.41 | 56,608.70 | 58,832.65 |
| Year 5 PV (M) | 55,492.95 | 58,258.64 | 61,133.51 |
| PV of Terminal Value (M) | 1,457,181.78 | 1,529,805.59 | 1,605,296.54 |
| Equity Value (M) | 1,721,961.81 | 1,802,590.49 | 1,886,299.81 |
| Shares Outstanding (M) | 22,597.80 | 22,597.80 | 22,597.80 |
| Fair Value | $76.20 | $79.77 | $83.47 |
| Upside / Downside | 283.88% | 301.86% | 320.52% |
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| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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